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FINANCIAL NEWS
Saudi oil production rises in September
12 Oct 2014
(MENAFN) Saudi Arabia, the top oil exporter, said that it raised its oil production in September by 100.000 barrels per day, and increasing its production of oil in September to reach 9.704 million barrels per day (bpd), compared with 9.597 million it produced in August, The Peninsula Qatar reported.
Saudi Arabia, supported by Kuwait and the United Arab Emirates, has boosted their oil supply despite the fall in oil prices to cover for the decline in supplies by other countries like Libya and Iraq due to the instable geopolitical situation in these countries.
In August, Saudi production fell just like it did with most of the other countries, but despite these fluctuations, OPEC left its forecasts for global oil demand growth unchanged in 2014 and 2015 and the organization is still expecting an acceleration of demand growth in 2015.
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